Enabling Efficient Life Insurance Underwriting with Amelia

Insurance

Discussing life insurance is typically not an enjoyable conversation, given the topic. Obtaining life insurance can be just as uncomfortable – a consumer submits a variety of information to an underwriter who decides whether that person should be issued a policy, what kind, and for how much. Much of this process involves tasks that are data-heavy and repeatable, such as the submission of personal, medical and financial data.

Insurers worldwide are looking to technology to make life insurance underwriting faster and more cost efficient, and that includes more advanced use of Artificial Intelligence (AI). One Accenture survey1 found that 79% of insurance executives agree that AI will revolutionize the way they gain information from and interact with customers.

  • Could you add a new beneficiary to my plan?
  • Of course, I'll need their name and some other personal information.
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With AI and other digital technologies, insurers hope to issue life insurance policies more quickly. Insurers also want to use AI to detect fraud and risk, so the company is not issuing policies based on fraudulent data, or issuing ones that leave the company with undue liability. Some insurers are even teaming up with healthcare providers, mobile health app providers and other partners use AI as part of broader life and wellness programs. Achieving any of these goals will require an AI platform that can work at scale, provide insights and recommendations, and adapt according to consumers’ changing life needs.

IPsoft’s Amelia, the industry’s most advanced cognitive AI platform, can assist life insurers with her cutting-edge capabilities to optimize the underwriting process end-to-end, and bring personalized service to consumers.

Businesses really need to understand the needs of each client and be able to match each individual need with a service or a product. To have a scalable model to service millions of clients, you really need to use artificial intelligence, otherwise you will never be able to compete.

Peter Dahlgren, CEO of Nordnet

What Amelia Can Do

Amelia is uniquely suited to serve life insurers in the underwriting process. Not only can she process inquiries faster than humans, she has the ability to learn and improve over time, and recognize patterns, information and anomalies that should be considered before issuing life insurance policies.

Our system makes it too complex for customers to securely make policy changes on their own.

My secure backend integration lets me access to multiple sources in real time. Your customers and I can handle this on our own. I've got this.

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Personal data collection: Amelia’s automated training means she can be uploaded with underwriting processes and workflows, learn new processes over time, and also adhere to all legal, regulatory and privacy requirements. As a customer initiates a conversation with Amelia through her conversational interface, she can use her integration abilities to connect to various systems and data sources to collect all necessary personal information. Customers can upload any information, such as medical and physical records, directly to Amelia, or Amelia can inform customers what information in required for their application to be processed.

Recognize patterns: Through her advanced analytics, Amelia can analyze a customer’s submitted information and help human agents determine whether the data is up-to-date and accurate, then make recommendations on whether a policy should be issued, for what amount and at what premium level. As she collects knowledge over time, she can recognize anomalies that may indicate fraud, and report them to her human colleagues. Applying for life insurance can be a tedious process. Amelia’s emotional intelligence allows her to display empathy and sentiment, using specific reassuring phrases and sentences, so a customer feels like their interactions are valued.

2,300 Customer service sessions fielded by Amelia in first three months
Enfield Council

Amelia is available through multiple channels on a platform that is available 24/7 and highly scalable, providing limitless capacity and consistent quality customer service. Amelia also speaks as human speak – she can be trained to speak words and phrases in up to 100 languages, and her natural language understanding lets her recognize common phrases and utterances, so she never loses track of a user’s intent.

Results

IPsoft’s Amelia can bring new advantages and benefits to life insurance companies, resulting in better business operations, improved customer experiences, and higher productivity.

Amelia is available 24/7 and scales with consumer volume, so users never have to wait on hold for a lengthy period of time.

Operational costs: Most large companies are dealing with flat or stretched IT budgets. Amelia’s transaction processing and scaling capabilities can reduce overall support costs by up to one-third, savings that can be reinvested into the business for higher-value and innovative projects.

Faster processing times: With her ability to scale, always-on availability and machine-speed integration, Amelia improves transaction and support resolution times, in some cases two to four times faster than current systems.

Improved customer experience: Amelia’s elevates customer experience and grows smarter over time, with unparalleled accuracy levels – as high as 90% on certain transactions.

Enhanced workforce: Amelia is deigned to work and collaborate with her human colleagues, elevating issues only when she is unable to answer an issue on her own. In addition, she can take on and speed up the more repeatable elements of the life underwriting process, so human colleagues can focus on higher-value tasks.

Reduced risk: Amelia’s intelligence allows her to root out potential fraud or “bad-risk” customers that might result in negative outcomes for life insurance companies. She can confirm a customer’s identity, analyze information to detect patterns and possible fraud, and make recommendations on whether a company should issue policies.

  1. 1. Accenture Technology Vision

Insurance Use Cases

Learn more about Amelia

Amelia is transforming businesses around the world, providing massive ROI at scale and superior customer experiences while reducing risk. She can do the same for yours.

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